AIMS readies new BBY staff contracts

Posted by Anton Murray Consulting on 25 May, 2015

Joyce Moullakis

AIMS Financial Group was preparing to dispatch new contracts to BBY employees on Monday night, as the company takes strides to secure a formal agreement to acquire the remnants of the stockbroking and advisory firm.

AIMS, led by George Wang, was giving employees the right signals that a transaction will be sealed. As revealed by Street Talk online, Mr Wang briefed staff on Monday telling them AIMS planned to rebrand the broking house BBY Asia Pacific Group.

BBY is currently under the control of administrator KPMG and receiver PPB Advisory. Moves to retain staff by AIMS, under an interim deal, come as some clients of BBY continued to express frustration about not being able to transfer their holder identification number to other firms.

BBY was placed into voluntary administration last week. The decision followed a raft of issues around BBY’s capital position and its ability to clear exchange-traded options on behalf of other firms and clients.

Earlier this month, following restrictions by the Australian Securities Exchange BBY shut down its options clearing operations.

BBY executive chairman Glenn Rosewall opted for voluntary administration as lender StGeorge applied pressure on the firm to repay a loan and earlier negotiations with Mr Wang hit a wall.

Mr Wang also told employees he was hopeful BBY could cut a deal with the ASX and could resume trading shares “within days”, despite a 30-day suspension.

BBY would need to clear trades through another firm.

AIMS operates in areas including mortgages, securitisation, funds management and property, and owns Asia Pacific Stock Exchange.

The events at BBY have also prompted debate about the workings of the national guarantee fund, which provides compensation to meet claims arising from dealings with market participants. The fund holds $103.7 million, however, $76 million is the maximum amount available to claimed from which is capped at 15 per cent per market participant.

The fund only paid out just two claims in the wake of the global financial crisis, and as at the end of fiscal 2014, there were two outstanding claims to the fund. Directors did not, however, believe provisions needed to be made in relation those claims.

“It is not a fund that will cotton wool investors,” said Shine Lawyers’ NSW insolvency practice leader, Luke Whiffen. “Investors need to be particularly careful of the time limit for claims which is six months.”


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